Can Cardano (ADA) Ride the 18% Wave to Hit $1?

• Cardano has gained over 18% and is now trading at $0.7462.
• ADA’s daily trading volume has jumped by more than 115%.

Following a steady gain of over 6.32%, the crypto market has bounced back to its $3.68 trillion. The largest assets like Bitcoin (BTC) and Ethereum (ETH) have risen to their new highs, while other assets have reclaimed their recent highs, trading on the upside. Among them, Cardano (ADA) has recorded a surge of over 18.67% in the last 24 hours. 

If the upward correction continues steadily, ADA could climb to the $1 mark soon. The asset opened the day trading at a low level of $0.6227. With the bullish shift, the price has moved up to a high of around $0.7589. As per CMC data, at the time of writing, Cardano traded within the $0.7462 range

ADA’s market cap has reached $26.30 billion, and its daily trading volume has increased by over 115%, touching $2.16 billion. Furthermore, the market has witnessed a $6.33 million Cardano liquidation in the last 24 hours, according to Coinglass data. 

Can Cardano Keep Climbing, or is a Reversal Near?

The Moving Average Convergence Divergence (MACD) line of Cardano is stationed above the signal line. It generally indicates an uptrend, that the asset’s short-term trend is stronger than the long-term trend, and the price may rise. Besides, ADA’s Chaikin Money Flow (CMF) indicator is found at 0.44, which suggests a strong buying pressure in the market, with the capital flowing into the asset.

Moreover, the asset is in extremely overbought condition, as the daily Relative Strength Index (RSI) is at 91.56. This high level shows strong bullish pressure, with the risk of a potential correction or pullback. Cardano’s Bull Bear Power (BBP) value of 0.1288 signals a mild bullish strength within the market. 

The four-hour price chart of the asset shows the ongoing bullish outlook. If the uptrend aggravates, the Cardano price might climb and test the nearby resistance at $0.7468. An extended gain could trigger the golden cross to emerge and open the door to more upside correction above the $0.7477 range. 

On the flip side, assuming Cardano’s price reversal and the formation of a death cross. The bears might strengthen the downside price action, likely bringing in a retest at around the $0.7454 support. Further loss of the asset could potentially push the price down to its former lows below the $0.7445 mark.

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